Small Business & Entrepreneurship Council chief economist Raymond Keating has just completed the “Business Tax Index 2008” for all 50 states and the District of Columbia.

Using 16 different tax measures to compile one score, Keating ranks the states according to their Business Tax Index. Among the factors Keating studied were a state’s top personal income tax rate, a state’s top individual capital gains tax rate, a state’s top corporate income tax rate, property taxes, and gas taxes.

Wisconsin ranks number 32, in the bottom third of all the states.

Keating writes, “As Elvis Presley said: ‘A little less conversation, a little more action please.’ For example, more action is needed by elected officials in many states to make their state tax systems friendlier towards entrepreneurs and small businesses.”

Complain all you want about how these studies hurt Wisconsin’s image. After awhile, word gets around.